Sapir Lands $105M Refi For 261 Madison Ave.

Sapir Organization scored a $105 million refinancing for its 28-story office at 261 Madison Avenue.

The firm secured the financing, which includes senior and mezzanine debt for the 1950s-era office building, from Genesis Credit, according to the company. The deal ends talks of residential conversion for the building located near Grand Central.

But CEO Alex Sapir said he decided to keep the building as an office property and invest in the interior and exterior to attract new tenants and increase rents.

“We’re going to reposition the asset to be one of the leaders in the neighborhood for rents,” Sapir told The Real Deal. 

Newmark’s Anthony Orso and Ari Schwartzbard brokered the deal. 

Alex Sapir’s late father, Tamir, bought 260 and 261 Madison Avenue in 1997. For decades, the buildings were the trophy office assets of the firm’s portfolio.

In 2019, the CMBS loan covering the properties was watchlisted because of increased operating expenses. In 2022, the loan was watchlisted again, but Sapir soon refinanced the properties with a $326 million loan from JPMorgan Chase and Mack Real Estate Group. 

The properties were previously at the center of a dispute between Alex Sapir and his former brother-in-law, Rotem Rosen. Alex Sapir sued Rosen in 2020, accusing Rosen of lining his pockets with money from the family’s firm. Alex Sapir accused Rosen of using his brother, former Sapir Organization general counsel Omer Rosen, to issue himself a $580,000 personal loan from 260-261 Madison Avenue. The two sides settled the case in 2022.

Last year, Sapir sold 260 Madison Avenue to Jonathan Bennett’s AmTrustRE for $217 million.

Sapir’s U.S. portfolio has shrunk in recent years, with Sapir Corp selling its NoMo Soho hotel out of bankruptcy in October 2025. Months earlier, Sapir Corp and its partners re-listed a 1.5-acre assemblage in Miami’s Edgewater neighborhood for sale. Outside of the U.S, the Sapir Organization has partnered with the Trump Organization and Georgian partners to construct a 62-story condo tower in Tbilisi, Georgia.

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